NORTH BILLERICA, Mass., July 29, 2014 (GLOBE NEWSWIRE) -- BTU International, Inc. (Nasdaq: BTUI ), a leading supplier of advanced thermal processing equipment to the electronics manufacturing and alternative energy markets, today announced its financial results for the second quarter ended on June 29, 2014.
Second quarter net sales were $16.4 million, up 40.7 percent compared to $11.7 million in the preceding quarter, and up 15.4 percent compared to $14.2 million for the same quarter a year ago. Net income for the second quarter of 2014 was $0.6 million, or $0.06 per diluted share, compared to a net loss of $1.8 million, or ($0.19) per diluted share, in the preceding quarter, and compared to a net loss of $0.3 million, or ($0.03) per diluted share, in the second quarter of 2013.
Net sales for the six months ended June 29, 2014, were $28.1 million compared to $24.7 million for the first six months of 2013. Net loss for the first six months of 2014, was $1.2 million, or ($0.12) per diluted share, compared to a net loss of $3.4 million, or ($0.36) per diluted share, for the first six months of 2013.
Comments
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "We are pleased with the strong showing of our electronics equipment business. This, combined with extra strength in our margins due to a favorable product mix and expense reductions, allowed us to get to the first profitable quarter since the sharp decline of the solar business."
Outlook
"Third quarter 2014 revenues are expected to be in the $14.5 to $15.5 million range based upon strength in orders from our electronics assembly customers. We booked a few technology solar orders, primarily for pilot line production, in anticipation of an expected return of capital spending for solar cell production in 2015. Our gross margins in the US will still be affected by factory under absorption in contrast to full absorption in our China factory," concluded van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the third quarter of 2014, in a conference call to be held today, July 29, at 5:00 p.m. EDT. The dial-in number to participate in the conference call is 877-303-9139. A live and archived webcast of the conference call will be available on BTU's website at www.btu.com .
About BTU International
BTU International is a global supplier and technology leader of advanced thermal processing equipment and processes to the electronics manufacturing and alternative energy markets. BTU equipment is used in the production of printed circuit board assemblies and semiconductor packaging as well as in the manufacturing of solar cells and nuclear fuel. BTU has operations in North Billerica, Massachusetts and Shanghai, China with direct sales and service in the U.S.A., Asia and Europe. Information about BTU International is available at www.btu.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains expressed or implied forward-looking statements regarding, among other things, the company's expected revenues, gross margins and financial performance for the third quarter of fiscal year 2014. Such statements are neither promises nor guarantees but rather are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such statements are made pursuant to the "safe harbor" provisions established by the federal securities laws, and are based on the assumptions and expectations of the company's management at the time such statements are made. Important factors that could cause actual results to differ include the acceptance of new products, particularly in the alternative energy market, general market conditions governing supply and demand, the impact of competitive products and pricing and other risks detailed in the company's filings with the Securities and Exchange Commission. Actual results may vary materially. Accordingly, you should not place undue reliance on any forward-looking statements. All information set forth in this press release is as of July 29, 2014, and, unless otherwise required by law, the company disclaims any obligation to revise or update this information in order to reflect future events or developments.
| BTU INTERNATIONAL, INC. | ||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (in thousands, except share and per share data) | ||||
| Three Months Ended | Six Months Ended | |||
| June 29, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | |
| Net sales | $ 16,435 | $ 14,244 | $ 28,120 | $ 24,747 |
| Costs of goods sold | 9,559 | 8,850 | 17,085 | 16,623 |
| Gross profit | 6,876 | 5,394 | 11,035 | 8,124 |
| Operating expenses: | ||||
| Selling, general and administrative | 5,091 | 4,355 | 9,701 | 9,009 |
| Research, development and engineering | 1,029 | 1,017 | 2,240 | 2,151 |
| Operating income (loss) | 756 | 22 | (906) | (3,036) |
| Interest income | 7 | 11 | 18 | 23 |
| Interest expense | (84) | (107) | (169) | (220) |
| Foreign exchange income (loss) | 41 | (38) | 56 | (114) |
| Other income | 3 | 5 | 7 | 46 |
| Income (loss) before provision for income taxes | 723 | (107) | (994) | (3,301) |
| Provision for income taxes | 129 | 154 | 198 | 85 |
| Net income (loss) | $ 594 | $ (261) | $ (1,192) | $ (3,386) |
| Income (loss) per share: | ||||
| Basic | $ 0.06 | $ (0.03) | $ (0.12) | $ (0.36) |
| Diluted | $ 0.06 | $ (0.03) | $ (0.12) | $ (0.36) |
| Weighted average number of shares outstanding: | ||||
| Basic shares | 9,560,454 | 9,532,140 | 9,558,671 | 9,531,559 |
| Effect of dilutive options | 45,531 | -- | -- | -- |
| Diluted shares | 9,605,985 | 9,532,140 | 9,558,671 | 9,531,559 |
| BTU INTERNATIONAL, INC. | ||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (in thousands) | ||
| June 29, | December 31, | |
| Assets | 2014 | 2013 |
| Current assets | ||
| Cash and cash equivalents | $ 10,032 | $ 13,991 |
| Accounts receivable, net | 13,768 | 11,370 |
| Inventories | 11,875 | 9,831 |
| Other current assets | 937 | 1,126 |
| Total current assets | 36,612 | 36,318 |
| Property, plant and equipment, net | 2,860 | 3,386 |
| Other assets, net | 1,238 | 626 |
| Total assets | $ 40,710 | $ 40,330 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Current portion of long-term debt | $ 375 | $ 367 |
| Trade accounts payable | 8,428 | 5,408 |
| Other current liabilities | 6,872 | 8,413 |
| Total current liabilities | 15,675 | 14,188 |
| Long-term debt, less current portion | 7,030 | 7,219 |
| Other long-term liabilities | 2 | 14 |
| Total liabilities | 22,707 | 21,421 |
| Total stockholders' equity | 18,003 | 18,909 |
| Total liabilities and stockholders' equity | $ 40,710 | $ 40,330 |
Company Contact: Peter Tallian Chief Operating Officer BTU International, Inc. Phone: (978) 667-4111
